SCARCITY AND CHOICE

Question 1

limited availability such as time, money and natural resources to meet unlimited wants and needs

Answer 1

scarcity

Question 2

involved socities and individuals to make decisions to allocate scarce resources for satisfaction

Answer 2

choice

Question 3

what are needs and wants

Answer 3

needs- needed for survival

want- things that are good but unimportant

Question 4

physiological theory by Maslow that is motivated by a five tier model of human needs

Answer 4

hierarchy of needs

Question 5

arrange the 5 level of needs

Answer 5

1. physiological needs
2. safety needs
3. love and belonging
   4.esteem
4. self actualization

Question 6

arrange the expanded hierarchy of needs

Answer 6

1. physiological needs
2. safety needs
3. love and belonging
4. esteem
5. cognitive needs
6. aesthetic needs
7. self actualization
8. transcendence needs

Question 7

what is esteem needs?

Answer 7

2 categories
- esteem for oneself
-(dignity, achievement, mastery)

-desire for repo and respect
(statues, respect)

Question 8

what is cognitive needs

Answer 8

knowledge and understanding

Question 9

what is self actualization

Answer 9

realizing personal potential, self fulfillment

Question 10

hat is transcendence

Answer 10

motivated by values that transcend beyond personal self ( religion, sexual experience science etc.

Question 11

what are the two types of opportunity costs?

Answer 11

1. opportunity costs and individuals
2. opportunity cost and society

Question 12

the cost we must use in making decisions made by other peopele
- the value of the next best alternative
-trade off( act of giving out he benefits

Answer 12

OPPORTUNUTY COST

Question 13

represent the maximum production of two goods in an economy
-illustrate trade-off and opportunity cost

Answer 13

PPF production possibilities frontier

Question 14

when all of society’s resources are allocated and exhausted society is

points ( A-E)

Answer 14

PARETO EFFICIENCY